LONDON—The Omani government approved plans for the privatization of Oman Telecommunications to move forward to offer a 40-percent stake in the company.
Privatization plans, which were revived in January after a two-year delay, will see the government keep a 51-percent controlling stake. A further 40-percent is to be offered to investors and the remaining 9 percent given to Omani retirement funds, according to an announcement from Transport and Telecommunications Minister Malik bin Suleiman Al-Muammari.
The Minister stated the government is committed to proceed with privatizing the company because conditions on the world telecommunications markets are suitable at this stage. The process was initially delayed by the global slowdown, he said, but the Omani government aims to privatize the sector by 2003.
The Omani government owns 100 percent of the country’s mobile operator Oman Mobile.
